3Q 2017 - Miami Occupier and Pricing Trends

11% AVENTURA Executed Leases, 3Q 2017 % of Total by Employment INdustry

AVENTURA DEMAND HIGHLIGHTS

EXECUTED LEASES 3Q 2017 % Of Total By Employment Industry

General demand drivers include occupiers in the finance, legal and the healthcare industries. Given this market’s high net worth incomes, upscale waterfront residential development and the strong presence of medical facilities, doctor’s offices and hospitals, these were among the largest occupiers of space. Along with Coconut Grove, Aventura had the lowest vacancy in Miami. With an inventory under 1.0 million SF and a respective 4.8% and 6.0% vacancy, little activity both on the leasing and new occupancy front has been posted. Net absorption in Aventura since 2016 has remained in the negative territory – for both classes of space. Year-to-date leasing transactions totaled just under 50,000 SF.

11%

12%

12%

77%

77%

Healthcare

Real Estate

Law Firm

Class A leasing at third quarter included a 7,200 SF transaction for DiGeronimo Medical’s renewal at One Turnberry Place.

On the Class B front, Aventura View executed two small leases totaling 2,100 SF. The tenants were in the legal and construction sectors.

Cushman & Wakefield of Florida, Inc. / 27